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Most threats are a manifestation of uncertainty which is the root cause of risk (ISO 31000). When risk behaves mostly like aleatory uncertainty (random, chaotic, complex): Assume the threat is serious Accept that negative outcomes may happen Treat uncertainty by buying down risk Develop capabilities to working toward taming the dragon of uncertainty. More articles on dragons, uncertainty and risk can be found here

Compliance leaders know that when it comes to risk there is more than one type of dragon to contend with Effective compliance is about handling uncertainty to decrease the probability of non-conformance as

Types of Uncertainty: The Root Cause of All Risk Uncertainty is not something to be avoided or eliminated Managing Uncertainty: Irreducible and Reducible Risks Uncertainty can manifest in both positive and negative These can be broadly categorized into irreducible and reducible risks: Irreducible Risks: Some uncertainties Reducible Risks: Other uncertainties can be handled through risk measures and controls. Thriving in the Presence of Uncertainty Risk management is not about eliminating uncertainty but about

Given that uncertainty and risk are on everyone's minds we have decided to go ahead and offer this workshop so you could benefit from important risk management principles and practices to improve the probability of project success in the presence of the COVID-19 uncertainties. management principles and practices which are needed more than ever in the presence of the COVID-19 uncertainties It's time to defeat the dragon of uncertainty.

Welcome to the world of risk management, where narrow definitions often create blind spots and uncertainty TRM would act as an umbrella, encompassing all potential sources of uncertainty that can impact an organization's that uncertainty is the root cause of all risk. Uncertainty creates the opportunity for risk independent of its effects. and epistemic uncertainty which help direct what measures to use to handle them.

All the waste that LEAN seeks to eliminate is caused by the same thing: uncertainty, and this uncertainty creates the opportunity for risk – the true waste that threatens mission success: We create defects because of uncertainty associated with process capabilities, standards, and work practices. We create excess inventory because of uncertain demand requirements and external risk We transport more than necessary because of logistics uncertainty.

raising concerns about the use of risk matrices. techniques, such as scenario planning, risk mapping, and probabilistic risk assessments. By discarding risk matrices and not having a replacement plan, organizations run the risk of being exposed , monitoring, and updating of risk management plans. puzzle of risk management.

In recent talks I have spoken on the topic of risk which of course meant we also talked about dragons Dragons, metaphorically speaking, represent uncertainty in our endeavours that hinder and often thwart In the real world uncertainty creates the opportunity for risk which if not addressed hinders or thwarts We know that hope is a wonderful thing but it is not an effective strategy against risk or dragons. Here lies our dragon.

of risk management. Risk Management vs. It deals with uncertainty and aims to identify potential risks and their consequences before they come Risk Management." fulfills its role in contending with uncertainties and potential threats.

Compliance at its core is about contending with risk. The way we think about risk is a significant factor to our effectiveness at contending with uncertainty However if we do not pursue the positive effects of uncertainty we will not create value; and at most The first step to finding good dragons is developing a habit to notice them. in the Presence of Uncertainty Lord of the Risks - The Two Towers: Productivity and Compliance

The “do” part is a function of its agency and is perhaps the greatest source of risk and concern facing defined by a future described as unfolding, controlled by deterministic laws of nature, and stochastic uncertainty That’s why agency without good judgment is not desirable as it creates the opportunity for risk. Agency is not the only concern AI Agency is a source of significant risk. AI has other risks beyond its capacity to act in the world and to decide.

compliance is "document-centric" focused on procedural conformance the use of AI poses significant risk To contend with uncertainties, organizations must better understand how AI works and how to use it responsibly have knowledge concerning how controls work, or management systems, or how to contend effectively with uncertainty Lack of operational knowledge is a huge risk. your obligations in the presence of uncertainty.